https://www.taxtmi.com/caselaws?id=238513 The Tribunal upheld the denial of exemption under Sections 11 and 12 of the Income Tax Act due to the Assessee providing undue benefit to an associated concern under Section 13. However, issues regarding disallowance of depreciation, net application of income by purchase of fixed assets, and business loss carry forward were remanded back to the CIT(A) for fresh adjudication as they were not addressed on merits. The appeal was partly allowed for statistical purposes, instructing reconsideration of the unadjudicated issues. en-us Fri, 20 Sep 2013 00:00:00 +0530 Mon, 30 Mar 2015 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238513 The Tribunal upheld the denial of exemption under Sections 11 and 12 of the Income Tax Act due to the Assessee providing undue benefit to an associated concern under Section 13. However, issues regarding disallowance of depreciation, net application of income by purchase of fixed assets, and business loss carry forward were remanded back to the CIT(A) for fresh adjudication as they were not addressed on merits. The appeal was partly allowed for statistical purposes, instructing reconsideration of the unadjudicated issues. Case-Laws Income Tax Fri, 20 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238513